The “Retirement Saver’s Credit”…An Often Overlooked Benefit
For semi-retired taxpayers earning income at a lower level and still contributing to an IRA or other retirement savings plan, there is an opportunity to take advantage of a tax break that could generate a substantial benefit. It’s technically called the “Retirement Savings Contributions Credit,” but it has a short title of “Saver’s Credit” and for those who qualify, it’s a pretty big deal. In fact, it could offer a tax credit worth up to $1,000 per person ($2,000 for joint filers). Kiplinger Contributing Editor Kimberly Lankford provides some insights into the qualifications for this tax credit, and provides guidance on how to take advantage of this dollar-for-dollar tax credit. Read her post here…
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